Acadia Realty Trust (NYSE: AKR – “Acadia” or the “Company”),
today announced the year-end promotions for the following
professionals to support its continued growth:
John Gottfried has been promoted to Executive Vice
President, Chief Financial Officer. In this role, he will continue
to lead the financial strategy and planning for the Company with
responsibility for capital raising, finance and treasury
management, accounting, tax, internal audit and investor relations.
Mr. Gottfried has been a key leader in ensuring the Company is
positioned to achieve its long-term goals and strategic
initiatives. Mr. Gottfried has served as Senior Vice President,
Chief Financial Officer for the Company since 2016.
Jason Blacksberg has been promoted to Senior Vice
President, Chief Legal Officer. In this role, he continues to
oversee the provision of all legal services and is responsible for
all legal, governance, and compliance matters and strategies for
the Company. Mr. Blacksberg also maintains oversight of the
Company’s environmental, social and governance (“ESG”) program.
Among his responsibilities, Mr. Blacksberg has been critical in
driving the Company’s long-term goals and growth initiatives. He
also serves as Corporate Secretary for the Board of Trustees. Mr.
Blacksberg has served as Senior Vice President, General Counsel for
the Company since 2014.
Additionally, the Company is announcing the resignation of
Christopher Conlon, Executive Vice President, Chief
Operating Officer. Mr. Conlon will be pursuing other endeavors as
the CEO of a private company and will be departing in February. Mr.
Conlon joined Acadia in 2008 as Senior Vice President, Leasing and
Development. He was later promoted to Executive Vice President,
Chief Operating Officer in January 2012.
“I would like to thank Chris for his tremendous contributions to
the Company over the years,” stated Kenneth F. Bernstein, President
and CEO. “Most importantly, Chris has assisted us in building a
strong leadership team with the depth of management to continue to
execute our strategic initiatives. We wish him the best in the
future.”
In conjunction with the departure of Mr. Conlon, A.J.
Levine has been promoted to Senior Vice President, Leasing and
Development where he will continue to direct the Company’s leasing
strategy for all core and fund investments, in addition to
overseeing the development and repositioning of the company’s
assets. Mr. Levine will also continue to oversee leasing and
development diligence for prospective investments. Since 2019, Mr.
Levine has been instrumental to the Company’s growth through his
and his team’s successful execution of new leases and lease
extensions, as well as his diligence efforts on new
acquisitions.
Also following the departure of Mr. Conlon, Senior Vice
President of Capital Markets Amy L. Racanello has been
promoted to add Head of Asset Management to her portfolio of
responsibilities. She continues to lead the Company’s institutional
fund platform in addition to assuming responsibility for
value-creation activities across core and fund properties. Since
joining the Company in 2008, Ms. Racanello has established herself
as pivotal to the Company’s evolution and growth, leading $1
billion in capital raises and driving strategy for the Company’s
series of funds.
Tracey Mitnick has been promoted to Vice President,
Leasing where she will continue to focus primarily on the leasing
of Acadia’s urban portfolio. Ms. Mitnick has been with Acadia for 8
years and will continue to utilize her extensive brand knowledge
and strong industry relationships in the luxury, advanced
contemporary and digitally native categories to drive value across
Acadia’s urban portfolio, as well as play an integral role in
Acadia’s diligence process for prospective investments. Ms. Mitnick
will continue to report to AJ Levine, Senior Vice President,
Leasing and Development.
German Rodriguez has been promoted to Vice President,
Construction where he will continue to be responsible for the
management of the design and construction of the landlord’s work
associated with new leases throughout the entire portfolio. In
addition, he provides construction-related support during the
acquisitions process and participates in the leasing negotiations.
Mr. Rodriguez joined Acadia in 2006. He has advanced degrees in
civil engineering with a specialization in finance, and in real
estate. He has over 25 years of construction management experience
for infrastructure projects and retail development.
“I am very pleased to announce these promotions today,” said Ken
Bernstein. “Not only have each of these talented individuals played
an integral role in Acadia’s ability to deliver on its long-term
growth goals, but also they clearly embody the core values on which
this company was founded: integrity, intensity, intelligence, and
innovation. Our deep and experienced team continues to move forward
with great momentum, focused on initiatives that will drive
sustained long-term success, and to ensure our long-term
growth.”
About Acadia Realty Trust
Acadia Realty Trust is an equity real estate investment trust
focused on delivering long-term, profitable growth via its dual –
core and fund – operating platforms and its disciplined,
location-driven investment strategy. Acadia Realty Trust is
accomplishing this goal by building a best-in-class core real
estate portfolio with meaningful concentrations of assets in the
nation’s most dynamic urban and street-retail corridors; making
profitable opportunistic and value-add investments through its
series of discretionary, institutional funds; and maintaining a
strong balance sheet. For further information, please visit
www.acadiarealty.com.
Safe Harbor Statement
Certain statements in this press release may contain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities and Exchange Act of 1934, as amended. Forward-looking
statements, which are based on certain assumptions and describe the
Company's future plans, strategies and expectations are generally
identifiable by the use of words, such as “may,” “will,” “should,”
“expect,” “anticipate,” “estimate,” “believe,” “intend” or
“project,” or the negative thereof, or other variations thereon or
comparable terminology. Forward-looking statements involve known
and unknown risks, uncertainties and other factors that could cause
the Company's actual results and financial performance to be
materially different from future results and financial performance
expressed or implied by such forward-looking statements, including,
but not limited to: (i) the economic, political and social impact
of, and uncertainty surrounding the COVID-19 Pandemic, including
(a) its impact on the Company’s tenants and their ability to make
rent and other payments or honor their commitments under existing
leases; (b) the rate and efficacy of COVID-19 vaccines; (c) to the
extent the Company was seeking to sell properties in the near term,
significantly greater uncertainty regarding the Company's ability
to do so at attractive prices, and (d) the potential adverse impact
on returns from development and redevelopment projects; (ii)
macroeconomic conditions, such as a disruption of or lack of access
to the capital markets; (iii) the Company’s success in implementing
its business strategy and its ability to identify, underwrite,
finance, consummate and integrate diversifying acquisitions and
investments; (iv) changes in general economic conditions or
economic conditions in the markets in which the Company may, from
time to time, compete, and their effect on the Company’s revenues,
earnings and funding sources; (v) increases in the Company’s
borrowing costs as a result of changes in interest rates and other
factors, including the discontinuation of the USD London Interbank
Offered Rate, which is currently anticipated to occur in 2023; (vi)
the Company’s ability to pay down, refinance, restructure or extend
its indebtedness as it becomes due; (vii) the Company’s investments
in joint ventures and unconsolidated entities, including its lack
of sole decision-making authority and its reliance on its joint
venture partners’ financial condition; (viii) the Company’s ability
to obtain the financial results expected from its development and
redevelopment projects; (ix) the tenants’ ability and willingness
to renew their leases with the Company upon expiration, the
Company’s ability to re-lease its properties on the same or better
terms in the event of nonrenewal or in the event the Company
exercises its right to replace an existing tenant, and obligations
the Company may incur in connection with the replacement of an
existing tenant; (x) the Company’s potential liability for
environmental matters; (xi) damage to the Company’s properties from
catastrophic weather and other natural events, and the physical
effects of climate change; (xii) uninsured losses; (xiii) the
Company’s ability and willingness to maintain its qualification as
a REIT in light of economic, market, legal, tax and other
considerations; (xiv) information technology security breaches,
including increased cybersecurity risks relating to the use of
remote technology during the COVID-19 Pandemic; (xv) the loss of
key executives; and (xvi) the accuracy of the Company’s
methodologies and estimates regarding ESG metrics, goals and
targets, tenant willingness and ability to collaborate towards
reporting ESG metrics and meeting ESG goals and targets, and the
impact of governmental regulation on its ESG efforts.
The factors described above are not exhaustive and additional
factors could adversely affect the Company’s future results and
financial performance, including the risk factors discussed under
the section captioned “Risk Factors” in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2020 and other
periodic or current reports the Company files with the SEC. Any
forward-looking statements in this press release speak only as of
the date hereof. The Company expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Company’s expectations with regard thereto or change in the
events, conditions or circumstances on which such forward-looking
statements are based.
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version on businesswire.com: https://www.businesswire.com/news/home/20220124005793/en/
Sunny Holcomb (914) 288-8100
Acadia Realty (NYSE:AKR)
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